Lateral Capital Corp. (TSXV:LCP.P) entered into an agreement to acquire producing oil and gas assets located in Saskatchewan from Whitecap Resources Inc. (TSX:WCP) for CAD 28 million on November 28, 2012. Under the terms, Lateral is required to make a deposit of CAD 1 million of which CAD 0.30 million has been advanced. Lateral Capital amended the purchase price to CAD 28.1 million on February 8, 2013. Lateral Capital made additional deposit of CAD 0.2 million as a part of the transaction. Upon completion of the transaction, Lateral Capital will hold a 49.0% working interest in approximately 5,500 net acres (2,294 net acres of which are undeveloped) in South East Saskatchewan. The transaction will be funded through combination of debt and equity instruments. The transaction is subject to customary closing conditions and is expected to close in early 2013. The expected closing date was amended on February 13, 2013 to March 25, 2013. The expected closing date was extended to May 9, 2013. The transaction was further amended to change the proposed closing date to September 30, 2013.

Lateral Capital Corp. (TSXV:LCP.P) cancelled the acquisition of producing oil and gas assets located in Saskatchewan from Whitecap Resources Inc. (TSX:WCP) in September 2013. As Lateral Capital was unable to negotiate a further extension beyond September 2013, it recorded an impairment on the full CAD 1.2 million deposit.